Abu Dhabi’s newest sovereign wealth fund L’IMAD is teaming up with national oil company ADNOC, BlackRock’s Global Infrastructure Partners, and Singapore’s Temasek on a $30 billion infrastructure partnership.
The agreement is the latest sign of Abu Dhabi pushing ahead with investment activities despite the Iran war, even as the closure of the Strait of Hormuz hits government revenues; it also shows that global investors still see opportunities in partnering with the emirate’s biggest firms.
The group will focus on investing in a wide range of sectors, including digital infrastructure, energy, logistics, transport, waste management, and water. They will target deals across the Gulf, as well as in Central Asia, and the broader Middle East.
L’IMAD, which is chaired by Abu Dhabi Crown Prince Sheikh Khaled Bin Mohamed, is quickly rising in prominence after its creation last year. It has absorbed ADQ, another Abu Dhabi government fund that controlled $263 billion in assets, and is also backing Paramount’s acquisition of Warner Bros. Discovery, along with Saudi and Qatari sovereign funds.